Third Party Bidders Again Grab over 15% of Foreclosed Properties
The foreclosure auctions here in Palm Beach County still remain an every day occurrence during the normal work week and the roller coaster ride continues again this week. If you look at the chart showing the number of foreclosures on a weekly basis over the past 6 months it looks like a bizarre mountain range in some crazy old cartoon.
Home inventory levels remain very low compared to what home buyers have been accustomed to over the past 5 years and it is very difficult to find homes for buyers that have been spoiled with plenty of choices. This weekend I will be with two clients who will gladly write a contract if we can find them a home that it is in good condition and well priced in relationship to recent sales. Let’s just say we need inventory or prices will start to feel upside pressure and with the overall economic turmoil this would not necessarily be a good thing for the south Florida real estate market
The chart above shows the 6 month trend of foreclosures in Palm Beach County and as you see the numbers have been higher over the three months but the numbers are all over the board. This week, the actual foreclosure auction numbers decreased by 76 to 166 units from 242 the previous week and more in line with the trend numbers we have seen over the past 5 weeks. With shortened holiday weeks and a general slowdown this time of year we expect more volatility and probably lower weekly numbers as we work our way towards 2012.
The success rate of third party bidders continues with another solid week where they were successful in 15.06% of this weeks auctions. I see some crazy low numbers pop up when banks appear to not have a clue when bidding in some auction. Showed a home yesterday that was listed at about 300% what one lucky bidder snapped it up for. Those who play the auction game are having some great deals during this time when on some deals banks appear to have that deer in the headlight look.
Here at “Results Driven Real Estate” we are passionate about the market and love assisting each one of our clients achieve their real estate goals. If we can ever be of help in any way with your needs throughout Palm Beach and Martin Counties please feel free to contact Tom at 561 308-0175 or via e-mail at email@example.com. It would be my sincere honor to work with you!
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty